Indian banks outperform their global peers in digital maturity score, a Deloitte India survey showed. The Digital Banking Maturity (DBM) report, released on November 7, revealed that Indian banks outperformed the global average in internet.
Deloitte Survey shows Indian banks can further improve their customer onboarding, banking and client relationships. Learn more.
Indian banks outperform their global peers in digital maturity score, a Deloitte India survey showed. The Digital Banking Maturity (DBM) report, released on November 7, revealed that Indian banks outperformed the global average in internet.
And mobile banking thanks to their robust infrastructure, such as the Unified Payments Interface and account aggregator framework. The survey covered 304 banks in 41 countries offering over 1,200 digital banking functionalities.
Indian banks have opportunities for further growth, particularly in customer onboarding, day-to-day banking and expanding relationships. The top 10 per cent of performers were recognised as “Digital champions”, followed by “Digital smart followers”, “Digital adopters”, and “Digital latecomers”. The report said, “25 per cent of Indian banks offered the functionality for customers to set their financial goals, while 57 per cent of digital champions did so.”
The survey ranked a bank’s performance in the index based on its level of digitisation across six customer journeys, which is further broken down into 17 sub-steps.
Himanish Chaudhuri, partner and financial services industry leader at Deloitte India, stressed the need for greater customer engagement and sharper solutions to address customer pain points. Still, he says, “In an era marked by shifting consumer preferences, fintech innovation, and regulatory changes, banks in India have done well to harness the potential of the digital ecosystem around them and achieved significant growth in digital maturity.”
Vijay Mani, partner, banking and capital markets leader at Deloitte India, emphasised that this success provides an excellent foundation to build further at the national scale and solve various customer pain points related to meeting their financial goals.
Critical areas for Indian banks to focus on include enhancing personal finance management, expanding beyond traditional banking services, embracing open banking for ecosystem and account aggregation, and refining account and product management functionalities. These improvements can position Indian banks as digital champions on the global stage, the report said.